The residential construction spending rate dropped 17.6 percent in May compared to the same month last year, the U.S. Census Bureau announced today, falling for the 15th consecutive month and reaching its lowest level since April 2004. Residential construction spending fell to a seasonally adjusted annual rate of $549 million in May, compared to $665.9 million in May 2006, according to the report. This rate is a projection of a monthly total over a 12-month period, adjusted for seasonal variations in construction activity. The adjusted annual rate of spending for all types of construction reached $1.18 trillion in May, down 2.8 percent compared to the May 2006 estimate of $1.21 trillion. For the first five months of the year, total construction spending amounted to $442.1 billion, down 3.9 percent compared to the same period last year. And residential spending dropped 18.7 percent from January through May this year compared to the same period last year. Spending on private construction...
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